Shannon Crossing presented an excellent opportunity for investors to own a 101,174 square foot shopping center in the heart of Atlanta, anchored by a high-performing Kroger with Kroger Fuel. Located in Union City, near Atlanta’s Hartsfield-Jackson International Airport, the asset is part of a growing sub-market which continues to improve in conjunction with Rooker Development Company’s major $26 million re-development of the former Shannon Mall site – located across the street. Converted into a distribution hub and film studio, the development won the 2015 NAIOP award for development of the year. With a gentrifying community and already strong sales, Shannon Crossing was a great acquisition for the buyer and an excellent fit for their current acquisition goals.
Deal Strengths
- Kroger-anchored center with Kroger Fuel and excellent sales numbers
- Located in the heart of the Atlanta, GA MSA in a gentrifying sub-market which continues to grow
- Strategically positioned at I-85 and Jonesboro Rd across from an award-winning $26 million film studio and warehouse development
Deal Challenges
- Challenging existing demographics in an older retail market
- Center required noteworthy capital improvements, including a new roof
- Predominance of local shop space tenants